In February, the UK’s financial services regulator, the Financial Conduct Authority, finally delivered to the Treasury committee of the House of Commons the full report written by Promontory Financial Group.
The report dealt with RBS’s mistreatment of the many small and medium-size enterprises that had had the misfortune to fall into the hands of its Global Restructuring Group (GRG) in the recession that followed the 2008 financial crisis.
Nicky Morgan, chair of the UK parliament’s Treasury committee, had announced at the start of the month a new inquiry looking at the lessons to be learned from RBS’s GRG and more broadly at the state of the market for SME finance.
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